Seed fund to target ‘underrepresented’ entrepreneurs
A new seed fund has been established to increase venture capital in Virginia.
Gov. Ralph Northam announced the creation of the Virginia Founders Fund, which will be administered by the Center for Innovative Technology (CIT).
The fund’s goals include promoting support for regionally based innovation initiatives and increasing investment opportunities for Virginia-based entrepreneurs traditionally underrepresented in venture capital.
The fund expects to make investments in projects started by minorities, women, and veterans while also assisting entrepreneurs in regions outside Northern Virginia.
The commonwealth said CIT will work with regional startup initiatives, early-stage funds, and accelerator programs to identify strategic opportunities for investment and potential co-investment to leverage additional capital.
The fund will focus on software, hardware, life science, cleantech, and technology-enabled services startups with a high potential for growth and ability to generate economic returns for the Commonwealth.